In the effort to lower costs for students in the Florida Prepaid College Program, the Senate unanimously approved SB 732 on Tuesday, a bill which revamps the formula that determines how much families pay.
At the start of the 2014 session, both Senate President Don Gaetz and House Speaker Will Weatherford made reducing costs in the Prepaid College Program a top legislative priority.
In 2009, a series of program changes resulted in higher costs, and the bill helps roll back those increases.
Sen. Bill Galvano, sponsor of SB 732, said the bill would lead to payments that are based on the program’s actual assets.
“The result of what we are doing is going to be significant savings for participants in the prepaid program,” Galvano added.
Officially, it is called the Stanley G. Tate Florida Prepaid College Program, named after a Miami business executive who was central in its development.